real (227)

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We have all heard by now of Deep Vein Thrombosis, a debilitating condition caused by sitting still in one position for hours on end, often in a plane on a long-haul flight and in a tight and cramped position. But just like air passengers, who are often cruelly crammed in to tight spaces by airlines getting as many of us travellers as possible into one plane (to maximize its own profits), long haul drivers are suffering similar fates. These include truck drivers, salesmen and real estate agents.

Real estate agents are often forced to drive from the office to the home that is up for sale (to show potential clients around) and back again several times a day. And the practice is playing havoc to those who suffer from DVT (Deep Vein Thrombosis).

The news that drivers face the same medical issues as airline passengers has alarmed those working in the real estate industry. In fact, doctors have confirmed that it doesn’t matter where you are sitting – be it on a train, on a plane or in a car – a blood clot could occur if the person has been stuck in the same position for hours on end.

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One French cardiologist has termed the condition as “economy class syndrome” in reference to the confined space in which passengers are forced to endure long haul flights. But think about your long car journey and you will soon realize that long term driving is punishing your legs in much the same way as a cramped passenger aboard an economy airline.

DVT may occur when the legs are restricted in one tight position for long periods of time. The blood clots in the part of the leg below the knee. Some hours later, after the clots have formed, they will journey around the body after fragmentation. It gets worse as these fragments are liable to form in the lungs, head or even the brain – sometimes with fatal results.

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A recent study of 160 patients who had suffered from DVT showed that 39 of them had acquired the condition after travelling for a period of more than four hours. 28 of the 39 had actually travelled by car. ..Thats almost 70%.

Doctors have advised that if you have a long-haul journey to make, it may be better to fly rather than drive, as this would involve less time sitting in one cramped position.

Also, don’t overlook the importance and success of compression socks. They certainly aren’t the most attractive accessory but definitely the most important if you fit the description of a potential DVT candidate.

Be sure to speak to your doctor for more information on the potential of DVT.

PamsVAS - Real Estate REO and BPO Virtual Assistant Services

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New Fannie Mae Appraisal Program - Jan 26th

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Is the new Fannie Mae Appraisal Program helping or hurting? What are the basics of the program? Well, the real estate giant is planning to offer mortgage lenders access to proprietary home valuation databases, so that they can use it to assess the “accuracy and risks posed by the reports submitted by appraisers.”

So this system will look closely at the work performed by the appraiser and flag any possible errors. This means the lender can ask for an appraisal to be looked at again, which could in turn lead the lender into reconsidering whether or not to go ahead with the loan.

This new step – to be added from January 26 – will mean the price a home is sold or bought at being determined more thoroughly and will undoubtedly add more time to the closing process and may ramp up the cost of the appraisal fees for doing all that extra work.

So why is this happening now? Well, Fannie Mae wants lenders to make more informed decisions when approving a loan to a home buyer for the mortgage. At present, a buyer will scour the internet and real estate listings and look for their dream home in the area of their choice. Then a buyer finds a home, makes an offer, agrees on a final price and then starts the home buying process.

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The price is at the very high end of their budget but that doesn’t matter because this home is in the area they have always wanted to move into, It has a number of A-listed schools nearby, great shopping malls and restaurants at their doorstep and a place where the crime rates are very low – so it’s got to be well worth it! Right?

But from January 26, the lender will submit the appraisal report to the new Fannie Mae Program and they will come back with “lower risks comps” that could value the home at a higher rate. The lender could then ask the appraisal team to look at the loan again and reconsider, adding time and money to the buying process.

The fear of many real estate agents is that if appraisers become concerned they are constantly being told its assessments are inaccurate, they will automatically be more conservative in their assessments, resulting in lower house prices and stalling the housing market growth considerably.

Only time will show the affects of the New Fannie Mae Appraisal Program. Let us know if you see any drastic changes in your transactions and listings.

PamsVAS - Real Estate Virtual Assistant REO and BPO Services

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How to get more BPOs the Pam'sVAS way

Part  1 of a series 

Let’s be honest, how many of us can say that when handed a Real Estate manual, we jump for joy at the thought of having to actually read it –much less understand and retain what we’ve read? “Fifty pages on how to properly complete a real estate BPO . . I’ll just wing it.” Chances are we either end up skimming over the literature while thinking of all the other things we could be doing or we “shelf it” it and scram to find it when a situation arises. If you want to increase the size your wallet, then you need to increase your attention span –and that’s just the ugly truth! So, without further a due, let’s move on to the promised resolve. I am confident I can hold your attention; after all, it is Pam’s Way!

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“How can I get more BPOs?” Oh Boy, have I not been asked this question countless times! While I do have 25 years of Real Estate experience under my belt, my answer has remained the same from the get-go. Adhere to the companies guidelines -literally to the “Tee”. Yes, it’s really that simple. The guidelines are there for a reason; they spell out what each company wants and expects from you. “But Pam, why are they only assigning me rural BPOs? ‘The properties are so far apart that the fee barely covers my expenses.’ ” Well you see, the competition between agents for BPOs is pretty cutthroatThose who adhere to the company’s standards and guidelines are, in essence, giving the companies what they want; in turn, those agents get what they want. As for the slackers . . well, they get what the “model agents” don’t want.

Mastering the Art of Taking Clear & Usable BPO Photos

It always amazes me when I stumble upon botched BPO photos. You would think that with today’s technology as well as with the growing popularity of social media, one would be capable of delivering “clear and usable” photos. Still, a fair amount of agents submit less than satisfactory photos. So, what deems a photo satisfactory? Well, let’s take a look.

So, you’re browsing through the MLS search results…trying to find those perfect comps, when you stumble across a listing whose photo features the picture taker’s driver’s side wing mirror. Would you pause and question the use of the photo or would you continue on without even noticing? If you were a reviewer of a BPO whose subject photo featured the picture taker’s rear view mirror, hood, dirty windshield etc . . Would you think, “Wow, this person has really gone above and beyond our expectations! They are definitely someone I should delegate more orders to!”? Feel free to use the following photos as a reference.

Recap:
BPO Photos should NOT feature the following:
• Your limbs and/or extremities
• Any part of your vehicle
• Mirror Reflections
• Front yard BBQs
• A moonlit subject property
• Subject property in motion
• The mail service/carriers
• Pets/Animals
• Family pictures
• Billy’s “not-so-secret” magazine collection
• Timmy’s nasty addiction
(You get the idea)

Remember, this is your profession; not Instagram, where you gain likes for uploading photos worthy of “#photobomb”.  Get yourself together. If you want to receive more BPOs, then give the companies a reason to assign you more.

I know . . time is money. You may think 1 botched batch of photos out of 5 isn’t all that bad. After all, you managed to make it to all five properties in one day; you’ve even made it home in enough time to complete data entry and submit the orders before dinner! Either you’ll luck out and they’ll let the photos slide or they’ll make you collect new photos. Regardless of the outcome, submitting botched BPO photos will definitely cost you money in the long run -so take your time!

The agents who invest their time into providing quality service are the agents who receive the highest amount of BPOs; leaving those who compromise on quality in turn for getting the job done quickly, their leftovers. Apart from receiving a higher volume of BPOs, the model agents are also more likely to win the listings. I mean, come on, if you can’t take a picture properly (even after having been provided instructions), then one can only imagine what your completed transaction documents would look like.

So, I conclude the first part of my planned series with the following words of wisdom…

“Practice doesn’t make perfect. Practice makes permanent. Perfect practice makes perfect. So, every time you repeat an action, right or wrong, you will find it easier to repeat that same action, right or wrong. Develop a passion for obtaining your goals. If you do, you will never cease to grow.”

When one is truly passionate about something, it increases ones chance of success. Passion is what pushes one to give more than 100% of oneself, instead of simply putting forth the bare minimum.

Check out our full Blog HERE

Don’t forget to add us to your Social Media pages for more good reads!

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Continuing Education Classes start as low as $29.95 for 3 hours of continuing education credit. Some classes we offer are BPO Simplified, and REO Simplified. If you need CE credit for your license, why not get it through us? To learn more, visit REOPro's Continuing Education tab and follow the directions.

Visit REOPro Default Professionals at: http://reopro.ning.com/?xg_source=msg_mes_network

Posted by: James A.Browning, Course developer and creator for BPO and REO Simplified.

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Most organizations, people and teams like to come first, but when you are top of the league in the foreclosure division stakes, it’s not a medal your team will be proud to wear. This is the wooden spoon prize, the unwanted accolade and a position not to be proud of.

CoreLogic is a leading provider when it comes to real estate charts and data, and it places poor old New Jersey at the top of this league for foreclosures. At 5.5 per cent, New Jersey has the highest percentage of foreclosures among mortgaged homes. And what makes that figure sound even worse is that in second place came New York and Florida, which both tied for the runners-up spot with 4.1 per cent. That’s quite a big difference!

Moreover, it seems to get worse when the figures released for the state’s delinquency rate is the highest of them all in the United States at 9.1 per cent. That figure is well in excess of both Florida and New York once again. Yet these figures come as the country as a whole seems to have falling rates of foreclosure.

Last October 2013, there were some 875,000 homes registered as in some form of disclosure across America. But overall things have gotten better because the rate of homes in some form of foreclosure in October 2014, exactly a year later, had dropped by a staggeringly impressive 30 per cent. Currently there is slightly more than 600,000 homes under the threat of foreclosure.

So what is behind the science and under the hood of these higher than average foreclosure rates in New Jersey? Well, for starters the entire process of foreclosure (from the very first payment missed to kicking the occupants right out of their home) takes much longer in New Jersey than it does anywhere else in the U.S. And it is this long drawn-out process that has contributed to a backlog in the county courts that get to ultimately deal with the foreclosure.

Many mortgage lenders in New Jersey decided to freeze the foreclosure process for thousands of households in the state. This meant many homes were effectively frozen in the foreclosure status, but Hurricane Sandy also helped to play a huge part in the process of adding new homes to the foreclosure lists, although this would have affected New York State just as much. The good news is that the process is moving swiftly along now.

Pamsvas.com  -  Real Estate REO and BPO Virtual Assistant Services

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iForm & iFill Automation - Turbo-BPO.com

Discover the newest form of BPO automation to hit the market. Turbo BPO is no longer just an outsourcing destination, we now empower agents to work on their own orders more efficiently.  This web software is built upon the trial and error of tens of thousands of outsourced orders to make the system as flexible, yet error free as humanly possible.  Our products take an innovative approach to form fill automation by recreating your MLS grid in our system, uploading your MLS data, automatically calculating nearly every possible data field to generate a "Data Driven BPO", and then transferring the final data into the valuation forms.  Theoretically you can complete up to 100% of a valuation form without even opening the company form, although you would still want to check the special instructions!  Invest less than 30 minutes seeing an iForm demo (25 Minutes) and iFill demo (2 Minutes) and this product may just change the whole way you've ever looked at completing a BPO more efficiently and more importantly, of quality.

-> WARNING: THIS CAN COMPLETE A BPO FROM COMP SELECTION TO SUBMIT IN UNDER 10 MINUTES

-> NO SETUP FEES

-> 25 FREE CREDITS

-> ABSOLUTELY RISK FREE

-> PAY AS YOU GO SERVICE @ ONLY $2.50/ORDER

What is the iForm?

- A one size fits all BPO form which automatically calculates nearly every possible data field.

https://www.youtube.com/watch?v=ymbLNziT1OE

What is iFill?

- A web browser extension which enables 100% data transfer from the iForm into valuation company forms.

Compatible Companies

BPO Fulfillment: https://www.youtube.com/watch?v=KWME37Q1pZU

Clear Capital: https://www.youtube.com/watch?v=lY0DMR7P8Hc

CoreLogic: https://www.youtube.com/watch?v=DCuKhEyGgIE

Emortgage: https://www.youtube.com/watch?v=gjYgv4MfCD0

Equi-Trax: https://www.youtube.com/watch?v=SSFz5YYKgAY

iMortgage: https://www.youtube.com/watch?v=G3FHDl2W5Do

LSI/ServiceLink: https://www.youtube.com/watch?v=r_TI6AKIZhI

Ocwen: https://www.youtube.com/watch?v=Pujy-Ql43_4

Old Republic: https://www.youtube.com/watch?v=MpysYnCH2T4

Proteck: https://www.youtube.com/watch?v=Fm3nukxRrCk

Realty Pilot: https://www.youtube.com/watch?v=IiAYmNbBJHE

Real Estate Review: https://www.youtube.com/watch?v=qRl4HKzfH3o

Single Source: https://www.youtube.com/watch?v=t8fXIl6CDX8

Solution Star: https://www.youtube.com/watch?v=_Dg2Zu_ncEE

Specialized Asset Management: https://www.youtube.com/watch?v=bNITNLNLqKk

Register a free account to get started immediately!

Regards,

John Gattinger

Turbo-BPO.com

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4359193230?profile=originalShould newly-minted real estate licensees be required to go through an apprenticeship period?

 

This is the question being discussed among real estate professionals across the county.

The topic in question is whether or not an initial license alone is sufficient for a person to practice the business of real estate. The solution suggested by professionalism advocates is to adopt legislation requiring an apprenticeship phase. Providing structured supervision and training to new licensees in an effort to elevate the character and professionalism throughout the industry.

In spite of the ongoing apprenticeship debate, most do agree that our industry is due for a "new development of professional consciousness and  a higher standard of professional service",  towards both consumers and practitioners alike.

 

How many of you think our industry lacks professionalism amongst its peers?

 

In a recent article written by Realty Times—California Real Estate Commissioner discusses "what makes a real estate practitioner a professional". 

Read it here and honestly ask yourself how many of the 7 professional attributes  you possess. 

http://realtytimes.com/todaysheadlines1/item/31818-20141202-real-estate-commissioner-seeks-greater-industry-professionalism

 

So, how many of the 7 did you claim?

 

Michael Humphries, designated broker for Compass Roads Realty, Inc. and writer for iOn real estate covers local and national real estate news, industry trends and market analytics. Read more of his work here.

Search for thousands of homes in South Florida with direct access to the MLS. http://compassroadsrealty.com/

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Rules Relaxed on Home Buys Following Foreclosure

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At last there may be some relief for those that have gone through the suffering of not being able to pay the mortgage and then finding eviction looms through the foreclosure process. If you have ever been in the unfortunate situation of being a homeowner that cannot keep up the monthly payments, you will know all too well how debilitating the process of eviction and foreclosure would have been.
You would also undoubtedly be thinking that any future home purchase is probably off the cards and something you’ll never be allowed to do again in the future. Well there may be some hope on the horizon for those that have gone through foreclosure but it’s not all good news, I’m afraid.
New rules are set to be introduced in the United States that will allow those that have gone through foreclosure to move back into home ownership far more quickly than previously allowed. But critics are suggesting the new relaxation on time is purely theoretical. This is because lenders are unlikely to go around grabbing any former homeowner that has gone through the pain and poverty of foreclosure and now wants to try the process all over again just months after losing their last home.
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Fannie Mae and the Federal Housing Association are certainly two entities that are on board with the idea but it’s not much good for a prospective homebuyer who wants to get their feet back in the property ladder following recent foreclosure if the lenders won’t play ball.
FHA rules have been changed to allow any potential homebuyer the opportunity to buy another home within 12 months of foreclosure providing two conditions are met: the first condition must be that when you lost your home it must have been due to economic conditions that were out of your control. Secondly, you must go through a program of housing counselling; this may be something like a week-long course where you will be made aware of the pitfalls of investing in a home that may or may not be able to afford.

Mortgage lenders will normally keep you waiting seven years after foreclosure before even considering lending out more money. If you have been forced to a deed in lieu or a short sale, the wait is often only two years. However, you will still need low debts and a certain salary level before being considered for mortgage approval.
Credit: www.pamsvas.com - Real Estate Virtual Assistants
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Recently, surveys show that there is a growing demand for upscale rental apartments. This presents a potential opportunity for real estate investors all over the country. Plan holders of Solo 401k accounts can also capitalize on this latest real estate trend, as it is also an opportunity to invest and grow their retirement funds.

Latest study shows that young professionals nowadays prefer renting to buying their homes. The reason is that credit market is now tightened and it is harder to qualify for a home loan. The shifting job market and the likelihood of changes in personal life such as marriage and divorce are also reasons for which young people are more hesitant to commit to a property purchase. Plus, upscale rental apartments can offer high-end amenities, such as a swimming pool or a gym. If a young professional were to buy her first home, it would be unlikely that she would be able to afford a property with such luxury.

Because of this growing trend, investors are now looking at this demand as a great investment opportunity. This demand can be capitalized by plan holders of Solo 401k accounts as well. A Solo 401k account, also known as an Individual 401k, is allowed to invest in real estate, including rental apartment buildings.

Investing in real estate with a Solo 401k, plan holders will enjoy many benefits over other retirement plan. The first benefit is the high Solo 401k contribution limit, which allows account holders to stash away up to $52,000 per year as of 2014. Plan holders who are over 50 years old can also make an additional catch-up contribution of $5,500 per year. The total annual limit for this group is $57,500. Since account holders can contribute more into this tax-deferred account, they can gather enough funds faster to invest in real estate.

If account holders do not have enough money in their retirement account even with the high contribution limit, they will still have other financing options. Unlike a traditional IRA account, a Solo 401k is allowed to use non-recourse financing for real estate purchases. If an IRA account obtains financing for their purchases, it will trigger an Unrelated Business Income Tax (UBIT). This doesn’t apply to a Solo 401k, however, and account holders can certainly leverage their investment. This is definitely a powerful advantage for upscale rental properties, which requires intensive capital up front.

Investing in rental properties is a good way to create steady passive income. The return is also more predictable, especially after the lease is signed. Not only that, with the introduction of the Solo 401k plan, now investors can use rental properties to diversify their retirement portfolio and capture the opportunities presented by this newest trend.

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If you fail to keep up your homeowners’ association fees or complete the annual assessments, the HOA could end up foreclosing. Its par for the course these days that when you purchase a home, condo or town house, that happens to be a communal development, then you will most likely have to pay fees to a housing association.

Now what would happen if you simply ignored these fees or failed to meet the annual assessments? The Housing Association would apply to get a lien on your home and this then leads into foreclosure (assuming you still fail to settle up with your housing association).

The Homeowners’ Associations are a body that sets up to look after the communal garden areas, essential repairs in stairwells, cleaning, lighting for communal hallways and exterior electricity bills. All this maintenance costs and it recovers its cost from the lease holder. Failure to pay up means a service is being provided to you and you are essentially not paying for it.

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Other work that the housing association must carry out includes removing snow, landscape gardening, fitting new communal windows and repairing roof tiling.  Some of the more-modern condo complexes have swimming pools, gyms, clubhouses and tennis courts which can be used by the residents. All of these amenities need regular maintenance and cleaning, so the fees required by the association are likely to be higher in these luxury blocks.

The housing association also has to enforce the rules within the community; if one resident happens to be playing music loud late at night and making life a misery for all the other members of the community, the association must act and the administration work to remedy anti-social behaviour can mount up in both time and money.

HOA fees can often spring a surprise one-off fee for those complexes that need work carried out on a one-off basis. An example of this would be that a condo complex may need new exterior windows and fascia repairs following a wild storm or even hurricane; these “special assessment fees” are an unfortunate but necessary payment that will land in the lap of the resident – but not as a regular payment but as a one-off fee and comes in addition to regular payments being made.

Before taking out a homeowner association property you should read the terms and conditions on payment of fees should you default at any time, as some associations may charge interest on late payment as well as collection cost fees (if an agency was involved in the fee recovery).

Source: www.pamsvas.com

Real Estate REO and BPO Virtual Assistants

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4359192766?profile=originalAmericans seem to push back their retirement further and further, and sometimes not by choice. Especially for self employed small business owners and independent contractors, many dedicated all their wealth and effort to grow their business. At the end of the day, however, people still need to figure out a way to be able to retire. Self employment retirement plans and rental income can be a viable solution.

What are self employment retirement plans?

Self employment retirement plans, or often called Solo 401k plans, are created for self employed individuals. Unlike traditional retirement plans, a Solo 401k allows investments in assets other than stocks and bonds. That means rental properties, among many other options, are allowed.

Rental properties to provide income during retirement

Plan owners of self employment retirement plans can certainly look at rental properties as an income source during their retirement. Rental income is also known as a source of passive income, which means investors do not have to keep working on the investment to generate profit. This allows them to earn income when retired.

This long term investment offers good passive income that can also guard against inflation. As landlord, you can adjust the rent every year to overcome inflation rate.

To ensure a good return, here are a few things to look for in rental properties:

- Location: As true with properties, a good neighborhood will attract more buyers and renters. As a retirement investment, however, it is also wise to choose a place closer to where you live. This way, managing and maintaining the property is not too much of a hassle.

-Size and build: Decide if you would like to start with a single family home, a duplex, or larger. The size and layout of the properties need to fit with your needs. Also try to invest in newer houses, to avoid high repairing and maintaining cost and hassle.

How to finance a rental property

Start contributing to the self employment retirement plans as soon as possible. By doing so, you can take advantage of the high Solo 401k contribution limit, enjoy tax-deferred benefits, and to save up funds to finance the rental properties. Even if you don’t have enough in the Solo 401k account or do not want to pay cash up front, there are financing options available. With an IRA, the use of financing to fund a real estate purchase could trigger Unrelated Business Income Tax (UBIT). A Solo 401k, however, allows the use of non-recourse financing, tax-free.

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In business and commerce circles, the big news just days into October is the buy-out of Move Incorporated by the newspaper and media giant News Corporation. So who are Move Inc and why did News Corporation decide to splash out an eye-watering $950 million for the business? In the United States, Move Inc stands as the third biggest online real estate listing firm. It helps home buyers and sellers to purchase a new home by providing them with tools, guides, information and professionals from the real estate industry to make that purchase run as smooth as possible.

News Corporation is essentially a newspaper publisher which began its business from South Australia and later moved into New York to become the second-largest newspaper and media organization in the world. It now want to increase revenue and expand its business beyond just selling papers and promoting a media front and real estate is seen as a pretty good sector to get the turnover and extra revenue it now seeks.

As for Move Inc, the buy-out could see the online real estate listing agency become a real giant and a major player in the U.S. online home retail market. Robert Thomson is the Chief Executive Officer at News Corporation these days and he predicts Move Inc will soon become the United States’ biggest online real estate listing firm, thanks to News Corp’s influx of cash and support.

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News Corp needs a change after the scandals of 2011 when the company was forced to close down its best-selling Sunday newspaper in the UK, News of the World. Allegations of phone hacking seriously depleted the organization’s reputation both in the United Kingdom and abroad.

Mr Thomson also believes that online home buying and internet real estate business is a growing market that has not yet taken off to the heights he believes it could reach. News Corp are convinced this sector is still in its infancy and is at the early stage of development. If it is right then the prospects for extra revenue could be huge in years to come.

There is no doubt that more and more people are now using the internet to buy their next home. Many Americans have actually purchased real estate by using self-help tools and become their very own real estate agent, just like many have booked their vacations online without using a travel agent.

Only time will tell if this was the best move for News corp and to see what direction Online Real Estate Listing Services will take.

pamsvas.com - Real Estate Virtual Assistant Services

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The Power of a Comparative Market Analysis When Selling Your Home

Most of the general public has access to various price lists when trying to sell an object. Online automobile databases offer average prices for used cars, auction sites can list recent sale of various electronics and even boats have a value listing guide. However, when selling a home it is better to get a comparative market analysis (CMA) from a local real estate agent or Realtor®. Here are some of the ways a CMA can help you.

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photo credit: nikcname via photopin cc

Price Trends

The most obvious benefit is the ability to see current price trends. The CMA report will list out homes that have sold in the past 12 months in your immediate area. By organizing the transactions by date it is possible to see if home prices are on the rise or falling.

Value Placed on Square Footage

Since the homes will be listed with the square footage of each home sold, potential sellers can find out how much their home is worth based on the usable square feet in the property. In addition, if any of the sold properties had a basement or attic that was finished then sellers can also determine how the market values additional square footage. While it is common for basements to have a slightly lower price per square foot some areas may place it higher than others due to demand.

Value of Accessory Items

Most people usually feel that particular features of their home will bring more value to their home than the market will warrant. For example, expensive hardwood floors, custom paint finishes and high end bathroom fixtures may be quite expensive when purchased but their overall impact on the price of a home is not as high. Instead, things that improve usable square footage, more lighting or outdoor items like pools and decks will do more to bring up the price of a home.

Expected Time of Sale

A comparative market analysis will also show when a home was listed for sale and when an offer was made on the property. This gives prospective sellers a realistic expectation for how long it will take before receiving an offer and how long it takes for the home to actually sell once the offer is accepted.

Avoiding Unrealistic Prices

Along with homes that have sold your real estate agent can also provide a list of homes that either withdrew from the market or the listing simply expired. If the home did not sell within a time period that multiple other properties sold then there are a couple of explanations. Obviously, the most common issue is the price was too high for that particular market. Another common problem is the presence of a major repair issue with the home that the seller is unwilling to fix prior to sale. Having this information should help you do a better job of picking a price for your home.

Getting a detailed CMA report from your real estate agent will provide you with the best source of realistic information to help you decide if your can sell your home for your anticipated price and if it might sell in the amount of time you had hoped for.

Original Blog Post: What's a CMA? Comparative Market Analysis

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Real estate investors are often drawn to this market by its earning potentials and security. Many investors have successfully built their wealth upon real estate, one property after another. But what about their retirement funds? Many investors assume that retirement funds can only be invested in stock and mutual funds, and they leave it all to their custodian to manage the portfolio. This, however, is not necessarily true, as now innovative retirement solutions such as Solo 401k Plans can help real estate investors take charge of their future.

Is real estate a wise choice for retirement funds?

Most real estate investors are in for the long haul, not expecting to cash out until years later. This actually makes real estate a perfect fit for retirement planning, which often holds investment for years until account holders make withdrawals. Many investors choose to add properties to their portfolio. With these, they can collect rental payments as a steady return, while waiting for the value to appreciate over the years.

Investors who prefer fast return can also attain that with real estate investments, by engaging in house flipping. In this case, investors would purchase a property, remodel it, and sell for a profit. It involves more risk and more effort from the investor, but can potentially generate much larger returns.

The biggest advantage of adding a property to any investment portfolio is its security. Investors can always recover their initial investment by selling the property itself, so they are less likely to lose everything.

Solo 401k Plans Allow Real Estate Investment

As much as real estate professionals know about the industry, why do they still have nothing but stocks and funds in their retirement accounts? The answer is simple: not a lot of people know that retirement plans can hold other assets.

For some traditional retirement plans, it is true that investment choices are limited. However, there are innovative solutions, such as Solo 401k plans, that allow virtually any legally available investment. Plan participants can invest in real estate, including commercial and residential properties, trust deeds and notes. The plan allows high contribution limit and self-directed option, giving plan participants even more control.

Self-directed Solo 401k plans give full control to plan participants as they can now act as the trustee of their accounts and make all the investment decisions. In order to succeed however, investors need to have a good understanding of the investments they choose.

For real estate investors, obviously, real estate is the best investment choices, as the account holders have the knowledge and experience required. In these cases, adding real estate to a retirement portfolio can potentially secure and grow the portfolio more effectively. 

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What do Real Estate Agents do to Sell a Home?

Outside of the legal and medical professions, most industries are filled with people that work their tails off without the general public understanding their line of work. This is quite common for people that work in the real estate industry. Here are some of the many things that an agent does to sell a home for a new listing.

Extensive Photos

realtor-pin-1As the old saying goes “a picture is worth a thousand words.” Real estate agents will take lots of pictures to show off the best aspects of the home. When prospective buyers have an opportunity to see multiple pictures of a place before they view the property it helps to get the buyers more familiar with the property. It also reduces the number of people who are certain they will not buy a home based on the presence, or lack of, certain features.

Social Media Announcement

With multiple pictures of the property in hand, an agent can post to the various social media sites and alert all their friends and connections that the home is now available. With the multiple interactions found on most of the social media sites this is a great way to spread the word and let potential buyers know about the home's availability and best selling points. Good agents post to multiple sites like Facebook, Google +, Twitter and even Pinterest.

Newsletters

Many real estate agents connect with their past clients and prospects by sending out a monthly or quarterly newsletter. The newsletter can be sent via email or the old fashioned way of postal mail. This gives the agent a chance to pass along helpful information, such as home maintenance tips, energy saving advice as well as all of their new home listings. This is an easy way to reach people that may not be active on social media and still give them a chance to see the home in pictures.

Emails

Some agents aggressively market their listings by sending out emails to their prospective buyer base. These email lists are built over time from a multitude of different sources like, previous clients, internet leads and people that have signed up via their website. Since some home buyers can spend many years searching for a home, this large database of previous contacts can be a key component to selling your home.

On top of that, most agents will present any new listings to their own personal buyer clients who might be interested. Since they have in-depth knowledge of the home, it's much easier to explain the benefits. They will also share the new listing with other agents in their office/company in hopes they promote it to their buyer clients.

MLS Listing

One of the most important things an agent can do is list a home with the MLS (Multiple Listing Service). This service is accessible by local real estate agents and to Realtors® across the country via certain home search websites. When a buyer comes to an agent and asks for a list of potential homes, the agent will use the MLS service to find all available homes in the area. Agents pay yearly to have access to this database in order to be ready when either a buyer or seller is in need.

Showings

When a potential buyer wishes to see a home the real estate agent is the one that meets them at the home and gives them a tour. This is where the real estate agent can show off the home and brag about the top features of the property. Agents often make themselves available day or night for showing to accommodate the schedules of both the buyers and the sellers.

Open Houses

Agents often hold open houses on the property. These typically occur on the weekends, most commonly on Sunday. Occasionally, open houses are held on weeknights as well. An open house provides a 'no pressure' forum for people to tour the home. Many times the attendees are not actively looking to purchase at that moment and many visitors will actually be neighbors. Either way, getting your home in front of the largest audience is key. Any open house visitor could know someone 'in the market' for a home who they may tell.

An experienced real estate agent will put together a complete marketing plan for any new listing to give their client the best chance of selling the property at the anticipated price. Click the following link to see how Rock Realty can successfully market and sell your house: Rock Realty Home Marketing Plan

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The 80/20 Principle is actually a concept that could change your life, or at least the very way you approach your way of living. We use the 80/20 Principle in many aspects of our real estate virtual assistant company. The principle that is sometimes primarily aimed at business people, in our case Real Estate, but the rule is easily applied to every human being and can work for anyone in any situation, not just REOs and Foreclosure processing.
Most of us are not big on math, so the idea of understanding a formula is likely to scare us away at first. But don’t be put off by the figures – the mathematics of it all is easy. The principle actually began in Italy when a positive thinker and economist fan called Pareto noted that 80% of all the income that Italy enjoyed was being taken by just 20% of the population.
However, this rule holds true in other situations such as 80% of all your outcomes come from just 20% of your input. You could also argue (with a correct analysis) that 20% of your activities provide you with 80% of your financial income.
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While it is certainly the case that in business the 80/20 Principle applies, it is so much more fun when we apply the rule to your everyday happiness and social life. But never forget that money so often provides us with happiness – or at least prevents us from the bad feeling of poverty and debt, so an important role in your happiness and your cash is hugely influenced by 80/20 principles.
Other business example are that 20% of all employees are responsible for 80% of any company’s output. Also, you may look at matters much closer to home; your mobile phone for example – Let’s say you have 100 people in your contacts list, it’s a sure fire bet that just 20 of those folk who receive calls and call you on your phone represent 80% of all activity on your call log.
The same examples can be found in email correspondence, the amount of colleagues you speak to at work. If you have 10 people in your office, you will speak to two of them about 80% of the time.

The message to make this work for you is simple enough – focus on those things that produce the best outcomes for you and you will enjoy the revenue in greater numbers and save so much time in your daily life, and as many of us know, time can be more valuable than money.
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Many real estate agents that provide BPOs know what is entailed in the process. Many BPO agents enjoy doing BPOs and many that don’t necessarily enjoy them, but feel that it is necessary to supplement their Real Estate business and to develop relationships in the industry.

 

There are even companies that seem to offer BPO education, certification and lists of companies looking for BPO agents. Do these companies provide value for agents? Are their “Membership Fees” worth it? Have you had a good experience with such companies?

 

Here is a list we found that covers many of the different tasks when processing a BPO.

 

• BPO Preparation

• Review BPO Order

• Gather Information & Property Inspection

• Market evaluation

• Distressed Properties

• Accessing Public Records

• Contact Property Owner

• BPO Photos

• Neighborhood Inspection

• Exterior Property Inspection

• Interior Inspection

• Gross Living Area

• Room Count & GLA

• Rating a Property & Amenities

• House Types & Photo Examples

• House Styles & Photo Examples

• Roof Types & Photo Examples

• Comparables

• Comparable Standards and Guidelines

• MLS Searchs

• Adjustments

• Adjust Features

• Time Adjustments – How to appreciate and depreciate

• Determine Feature Value & Paired Sales Analysis

• Determine Appreciation or Depreciation rate

• Application of Appreciation or Depreciation rate

• Superior, Inferior & Equal Comps

• Pricing & Submissions

• Final Property Price

• Reconciliation Process

• Land Value

• BPO Form Common Fields

• Property & Amenity Rating

• Sources of Information

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Of course there are many different lists out there, and depending on the experience of different BPO agents, this list could be accurate or even lack other steps necessary. Let us know if you feel there are other steps worth mentioning.

PamsVAS

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Escrow is that bit that makes sure all is fair in love and war when you sell your home and both parties (seller and buyer) are satisfied and fairly treated during this most testing of processes. If you have ever sold a home before – or indeed purchased one – you will have been more than aware of the term "Escrow".

 

Once the contract has been signed by the seller and once the buyer has put pen to paper, he or she is legally obligated to go ahead with the purchase. Should the seller pull out of the deal and has already signed the contract they may be subject to an administration fee or penalty charge for breaking the contract.

The escrow officer will read the details of the contract and every piece of small print that details fully the sale of that property. The escrow officer can act as a peacemaker in any dispute, verify any parts of the contract that one party doesn't quite understand and generally make the entire process of selling or buying property go smoothly.

 

The escrow company will make sure the mortgage lender releases any monies at the same time as the deed is recorded so it will reflect the new ownership of the property at the same time. To ensure the transaction is complete and the sale of the home runs smoothly, the escrow officer must hire a neutral arbiter to handle the funds, documents and transfer.

 

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That third party can be the escrow company and in many states, the escrow company will handle the arbitration of the home sale by itself. You may choose which escrow company you hire to handle the sale of your property and in much the same way as you would choose a lender, a real estate agent or a solicitor to handle the different episodes that go with any property sale. Although, in the majority of Real Estate transactions, the seller typically chooses the Escrow Company.

 

An escrow company will open the process by assigning an account number or reference number that is unique to your sale. The escrow officer will collect the buyer's deposit funds and any other documents which related to the sale of the property.

 

The escrow officer can be your hand holder during the process and are their for both the buyer and seller, to explain the fine details that you may be unsure of.

PamsVAS - Real Estate Virtual Assistant Services

 

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The difference between a listing agent and a buyers agent can be confusing to some people. The listing agent works for the person or persons selling a property. The listing agent usually provides the seller with a market analysis of the surrounding area, opinion of listing price and property value and explain in detail all the fees that the seller will be required to pay, including commissions. The listing agent must evaluate all the local homes for sale that are of a similar size and style to the one they will help to sell. This will give the seller and the listing agent an estimate of value and how much a seller should list the house for.

Once the listing agreement is signed, the Listing agent can then prepare the property for showings and place the property on the MLS and major websites with photos and at the agreed upon list price. 

 

A listing agent has the real focus to sell a home and sorts through interested and prospective buyers and arrange to show them around the property and highlight all the good points about living in that particular property. Often the seller is not present while the listing agent shows prospective buyers around properties.

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The selling agent/Buyers agent will represent the buyer, who should have an idea of their pre-approved price range, and a wish list like: certain amount of bedrooms and bathrooms, location, amenities, etc. The Buyer's agent  can then sift through all the homes currently active on the mls and recommend properties that fit their buyers criteria and price range. The can then show the prospective buyer around the property in the same way the listing agent will do for the seller.

 

Before you sell your home or start looking for a home to buy, be sure you know the differences of the different types of agents, and choose the one that will represent you and your interest solely.

www.pamsvas.com

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The Probate Process

4359190665?profile=originalI wanted to avail this post to provide an overview of the often overlooked but lucrative niche of probate investing. Literally TRILLIONS of dollars will be transferred from one generation to the next. Enter an aging baby boomer population and this fact of life will only balloon in the coming years.

Probate is the legal process to obtain the legal authority to act on behalf of the estate of a person who has passed (Decendent). The estate is distributed in accordance with:

1) The will of the deceased.
2) When a will is not present, the laws of intestate succession are applied. These laws parcel out property to the deceased person’s closest relatives.

Who’s the decision maker?

The decendent usually spells out who they wish to be in charge of their estate. Yet absent a will, the court will assign a Personal Representative (PR), more commonly known as the executor, who is tasked with the fiduciary duty of divvying up the estate to pay creditors and distribute the remaining proceeds to the heirs. While anyone can petition the court to fill the role of a Personal Representative, most states prefer the surviving spouse or registered domestic partner as the first choice, followed by adult children or other blood relatives. > Read more on the role of the Personal Representative and to familiarize yourself with other vernacular, view a glossary of probate terms here.

As a real estate investor, the main point to grasp from 40,000 feet is that the PR has been awarded the authority to sell the house. Your job is to contract it and buy it, or assign to another cash buyer. This is the crux of investing in probates.

Probates are the low-hanging fruit because the PR often has a heightened sense of urgency to sell the real property in the estate, for a host of reasons:

  • There are taxes and other estate-related expenses that need to be paid, such as ongoing mortgage payments, utility bills and just about every other expense that is typical with an ongoing household.
  • The heirs must pay the mortgage out of their personal finances, and this creates an urgency to sell the property as soon as possible.
  • More often than not, the heirs do not want the house. They want the cash in the house. Heirs may live too far away from the property to play landlord or travel on a regular basis to maintain the property. Better to cash out and move on to build another chapter in their lives, than to be bogged down with the property.
  • The PR may get in the middle of unfortunate heir in-fighting where heirs have disagreements as to their equitable share. This normally brings out the worst of people, and the PR has an increased need to liquidate the estate to end the fighting.

Investors that are able to make an early connection to build empathy and rapport with the PR and explain the benefits of working together will undoubtedly be successful. > See some letters that other investors have used to make an introduction.

The length of the probate process varies on myriad factors such as the complexity of the estate and intent of the parties – every case is different. Sometimes these deals seem to fall in your lap, as if the PR was waiting for your call. If only it was that easy in every case. One phenomena we see not uncommonly is that a living spouse remains in the house and may not be motivated to sell RIGHT NOW. A few months later, when bills are accumulating and they want to build a new life, maybe get closer to the kids, the timing is better to sell the house and move on. Since everyone’s timing is different in terms of when they want to sell the real property attached to the estate, we highly recommend a concerted, sustained “drip” campaign over time to keep your willingness to help settle the estate top of mind.

Generally, while the PR has been awarded the authority to sell the house to investors like you, some states may require the PR to seek the Court’s permission to sell the real property in what’s called a supervised probate process. It is prudent to check the laws and procedures unique to your county and state.

In future posts, I will delve more into the nuts and bolts of probate investing and bounce some other ideas around as to how you can capture your share of this niche market. Till next time, A-B-C… Always Be Closing!

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At probateleads.net, our goal is pair REALTORS and investors with executors of probate estates that are motivated to sell by compiling a targeted list of probate filings in nearly every US county. If you found this article to be informative, let's continue the conversation. 

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